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Technical Analysis
Daily Technical Analysis by FXCC
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[QUOTE="alayoua, post: 30933, member: 11379"] [b]Market Overview by FXCC July 23 2012[/b] [B]Market Overview by FXCC July 23 2012 Spain Weighs On Global Markets US markets closed down after worries about Spain continued to flourish. After positive earnings reports all week, markets slumped on Friday. This morning Asian markets are tumbling following Wall Street's lead. Global markets are not in such a positive mood this Monday morning, and the catalysts behind this mood swing are fairly thin but rooted in intensifying concerns about funding pressures affecting stressed European sovereign credits and China’s persistent bias in favor of tight property lending conditions. Currency markets are reinforcing the negative mood with almost all of the major crosses pushing lower against the USD except for the yen. The commodities complex is also correcting lower with oil and gold off and mixed performances being put in across the metals and agricultural commodities. Spain’s funding costs are getting are surging with the 10 year note back up above 7% at the time of writing. Read More [url]https://support.fxcc.com/email/technical/23072012/[/url] UPCOMING EVENTS : 2012-07-23 07:00 GMT | Switzerland - Monthly Statistical Bulletin (Jul) 2012-07-23 12:30 GMT | US - Chicago Fed National Activity Index (Jun) 2012-07-23 14:00 GMT | EMU - Consumer Confidence (Jul) 2012-07-24 02:30 GMT | China - HSBC Manufacturing PMI (Jul) FOREX NEWS : 2012-07-23 04:42 GMT | GBP/USD down 0.3%, support at 1.5550 2012-07-23 04:22 GMT | EUR/USD trading at fresh 2-year lows above 1.2100 2012-07-23 03:54 GMT | GBP/JPY hits fresh 6-week low sub-122.00 2012-07-23 03:45 GMT | EUR/JPY drops below 95.00, MoF watching closely ---------- EURUSD : 1.20996 / 1.21001 DAILY WEEKLY MONTHLY [IMG]https://support.fxcc.com/email/technical/23072012/EURUSD.gif[/IMG] 1.2216 | 1.2159 | 1.2136 1.2080 | 1.2026 | 1.1969 SUMMARY : Down TREND : Down trend MA10 : Bearish MA20 : Bearish STOCHASTIC : Oversold MARKET ANALYSIS - Intraday Analysis Technicals are bearish- 1.22 is key psychological level to watch as movement declines from congestion near 1.2150. Price is currently holding at 1.2113, with strong resistance at 1.2100. Short term and long signals are all aligned with strong sell signals. Our outlook remains bearish. MA's are all in the red, Stochastic is reading sell and MACD and ADX support the bearish bias. The question is how far can the euro fall? 1.21 is going to be a difficult number to break through. There is a strong chance that the pair will be rangebound between the 1.21 to 1.22 level today. ---------------- GBPUSD : 1.55666 / 1.55672 DAILY WEEKLY MONTHLY [IMG]https://support.fxcc.com/email/technical/23072012/GBPUSD.gif[/IMG] 1.5694 | 1.5653 | 1.5616 1.5552 | 1.5515 | 1.5480 SUMMARY : Neutral TREND : Up trend MA10 : Bearish MA20 : Bearish STOCHASTIC : Overbought MARKET ANALYSIS - Intraday Analysis Technicals remain neutral - unable to breach 200 day MA 1.5751 suggests limited upside potential; with downside support is at 50 day MA 1.5622 which was shattered in early trading. The pair just fell right through the support line and continued to decline. This does not change our outlook for today, we remain neutral. Short term signals are reading bearish, but when we move out to near term and long term, signals are mixed and confused. ---------------- USDJPY : 78.067 / 78.069 DAILY WEEKLY MONTHLY [IMG]https://support.fxcc.com/email/technical/23072012/USDJPY.gif[/IMG] 78.810 | 78.605 | 78.425 77.985 | 77.800 | 77.645 SUMMARY : Down TREND : Down trend MA10 : Bearish MA20 : Bearish STOCHASTIC : Oversold MARKET ANALYSIS - Intraday Analysis Technicals are bearish with RSI at 38 indicates potential for continued decline. Congestion at 78.20 - 78.00 is likely, with significant support expected at 78.00. If the pair breach the 78.00 then a run to 77.15 is likely. Short term and long term are all in the red and our bias is bullish. The pair at this writing is close to the 78.15 mark, keep an eye on the 78.00, it will tell the story. Source: FX Central Clearing Ltd, [/B] [/QUOTE]
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